Rimowa x RTFKT

In late October, Rimowa, the German suitcase maker acquired by LVMH in 2015, and RTFKT Studios, the Web3 native company acquired by Nike in late 2021, revealed a collaboration featuring both digital and physical products. It was the first time RTFKT collaborated with an LVMH-owned company, and in fact, with the more traditional luxury establishment. At the same time, the collaboration validates the already overt interest of the industry for digital assets. 

Rimowa might not be the largest and most well-known brand under the umbrella of the fashion behemoth, but since its revamping by Alexandre Arnault, it has been catapulted into the hands of the fashion-forward travel enthusiasts. The brand offers outstanding quality and has cultivated exclusivity through collaborations with artists from Alex Israel to Daniel Arsham (both in 2019), and with some other fashion houses, from sister LVMH-owned Dior (2019) to Off-White (2019 too).

So much so that exclusive drops and limited editions have become a defining feature of the business strategy at Rimowa. Consequently, their collaboration with a company creating limited-edition digital assets fits perfectly with their approach to traditional travel items, and as stated by Emilie de Vitis, CMO of the brand, was a way to attract the Web3 audience and make them new Rimowa customers. “This is an opportunity to showcase our German expertise in a new way and to really engage with the Web3 community.” she said.

According to the official press release, the collaboration encapsulated “888 NFTs to be forged into 888 limited-edition physical suitcases — a nod to the number symbolizing luck in the crypto community. The release also includes 2222 RTFKT x RIMOWA WorkerBots for Web3 enthusiasts.” Sold for 2.3 ETH (about $2,774) and 0.08 ETH (about $95) respectively, the digital world and coherent story crafted by the companies allow to bring new consumers that might not be able to afford the real deal – the original metal carry-on retails just above $2,000 – into the fold. 

Critically, the brand states that they are addressing the Web3 community, which is invited to complete online quests akin to video games (the background of Benoit Pagotto, one of the three founders of RTFKT) in a virtual Space Station created for the occasion. In true RTFKT fashion, several surprises and activations will be thrown in along the way to keep the project interesting and the NFT-owners engaged.

RTFKT Studios is a digital first company, and probably among the most successful Web3 projects that has emerged from the past 3 years of NFT-crypto-Web3 craze. Critically, they have nailed the community aspect in offering true utility to their customers and community members. If the recent crash of the crypto market is cause for worries for many observers and insiders alike, if anything, it has heightened the need to understand how every part of the ecosystem relates to each other and how they do and do not work together. 

The necessary slowdown helps in showing what works and what does not. It remains important to stress that cryptocurrencies and NFTs are not the same thing, albeit both empowered by the blockchain technology, they are in fact two fully independent applications of the said technology. Additionally, not all NFTs are created equal and there are many, many uninteresting projects that have sprouted over the past few years. Most of them are nevertheless missing the key component that sets successful projects apart, namely, real utility. 

Available on OpenSea, the average price of the Meta Artisan Rimowa x RTFT collection, despite being volatile, has not seen the kind of monumental drop in value suffered by the broader NFT market, just another proof that the company is indeed doing something right. One of the keys to their success is their ability to create and maintain an aura of exclusivity and rarity, even if the products are technically not as precious as they appear to be. This dynamic is similar to the one visible in the sneakers industry, which is a claimed inspiration for RTFKT. 

While this manufactured rarity is directly borrowed from the more traditional luxury industry, streetwear brands like Supreme have been able to replicate this feeling at a larger scale, speaking to a wider audience, and about much less exclusive products on paper. Blockchain technology and its ability to limit the number of digital assets created under a certain project, is the key which was needed to replicate this business model digitally. 

Surely, LVMH is not done playing with it. “I believe that what we’re creating together with RIMOWA in terms of design, storytelling, experience and minting mechanics will become a benchmark for all brands willing to take the Web3 community seriously” said Pagotto.